Slovenian Weekly Report 29.1.2018-2.2.2018
- Gorenje „temporarily suspended coverage“ is lifted. In this time:
- Gorenje announced preliminary 2017 results, with 3.9% YoY sales growth, EBITDA of only 76.3m (versus adjusted EUR 80.2m for 2016), profit of only EUR 1.2m and 4.6x net debt to EBITDA ratio. These figures are well below our estimates and below Gorenje guidance for 2017. Also with lifted CAPEX, net cash results from operations and investments was negative in 2017.
- For 2018 specific goals are: +10.4% YoY growth in core Domestic Appliance sales level; +20.9% YoY Asko brand sales (focus also on Australia and Asia); Improvement in NWC; + 1.6% YoY growth in overall sales level; EBITDA of EUR 86.3m or up 13.1% YoY; EBIT of EUR 25.3m; Net profit of EUR 8.1m.
- There are raised tensions between Gorenje and labour union SKEI – mostly due to Gorenje proposal to lower vacation days. More news upcoming…
- M&A rumors spurred regarding Haier. However Gorenje issued an invitation to submit an indicative offer for the partnership by 7th March 2018.
- All in all 2017 was again a disappointment despite current good economic background. In addition while 2018 plans again looks promising, Gorenje track record regarding guidance delivery. So key equity newslow comes from M&A.
- Cinkarna Celje supervisory and management board issued a joint statement against the recent share buyback program proposal. At the same time they emphasized a new 2019-2023 plan is being build, which will synchronize a new investment cycle and return to shareholders. The comprehensive plan will be disclosed at a regular shareholder assembly in June 2018.
ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.
Our trading advantage is our execution of large trading blocks with low impact on the market. We offer trading on several platforms on numerous markets, with a wide variety of financial instruments. Our advantage is also a research department, which is both sell side and buy side and has the far most extensive and regular coverage of domestic companies. We cover 9 companies on Ljubljana Stock Exchange, which is around 90% of Mcap on LJSE – and here we are practically the only local broker providing this kind of extensive and regular coverage for Slovenian companies.
A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.
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